Transcript

00:00:02

>> In what could be the beginning of the long, slow march to undo the landmark Wall Street reforms put in place after the financial crisis.>> Today, we are signing core principles for regulating The United States financial system. Doesn't get much bigger than that, right?>> President Trump on Friday, auditing a review of the so-called, Dodd-Frank Act through executive order.

00:00:25

Without the power to outright repeal the law this is considered Trump's first step in making good on his promise to spearhead the roll back of the regulations many republicans have been fighting against since first put in place back in 2010. In particular jeopardy is the so-called voca rule, greatly restricting the way banks use their own money to place bets.

00:00:47

Proponents of the rule say it's needed to prevent Wall Street firms from making risky bets and then forcing the government to bail them out if they get in trouble because of risk to the entire financial system. A scenario that's become known as quote, too big to fail. Opponents say the rule does nothing to stop that and only adds a huge costly burden on US banks.

00:01:08

One other Obama era regulation that's in jeopardy? A rule requiring brokers to act in the best interest of retirees when providing advice about retirement accounts. Trump put a 180 day delay on implementing the rule, after which time the Labor Department can knock it down entirely. Wall Street reform just one of the topics on the agenda during Friday's meeting between the White House and the President's CEO council.